WTO Committee Reviews 5 Regional Trade Agreements
World Trade Organization members mulled over five regional trade agreements at the Nov. 14 meeting of the Committee on Regional Trade Agreements, the WTO said. The agreements are between South Korea and Turkey, for services, and between Kenya and the U.K., the U.K. and Israel, the U.K. and Egypt, and the U.K. and Mexico, for goods.
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Under the South Korea-Turkey agreement, South Korea said business cooperation between the two parties encompasses e-commerce and entertainment since the agreement entered into force. Following the report on the U.K.-Mexico agreement, the U.K. said the two countries launched new negotiations in May to deepen the trade agreement. In 2021, bilateral trade between the two countries grew by around 50% from 2020, Mexico added.
South Korean Ambassador Taeho Lee, the committee chair, said 58 regional trade agreements in force have yet to be notified to the WTO. He also said a presentation must be prepared for 54 RTAs involving WTO members and 38 involving nonmembers. The next committee meeting is scheduled for March 27-28.